CARSON CITY — Lawyers and residents warned the Supreme Court on Tuesday that banks and mortgage loan companies might try to circumvent a new state law designed to reduce the number of foreclosures in Nevada.
Housing
If everybody followed the rules, David Stone would be out of business.
It was a symbol of Las Vegas largesse during the good times. Now it’s an emblem of recession blues.
The first two waves of mortgage losses are mostly behind us but three more waves are coming, two of them in the housing market and one in commercial real estate, an executive for a New York investment firm said Friday.
Two men were indicted on theft charges Friday after authorities accused them of operating a foreclosure rescue scam in Las Vegas.
The mortgage crisis gripping the Las Vegas Valley has left many homeowners disenfranchised and looking for ways to escape the quagmire.
The Nevada Supreme Court will decide whether homeowners associations have the right to sue on behalf of individual homeowners in a case that could have a major impact on the number of construction defect cases filed in the state.
Home sales continued to post big numbers in May and the median price dipped 1.2 percent, or $1,720, from the previous month, the smallest decline since November 2007, the Greater Las Vegas Association of Realtors reported Tuesday.
CARSON CITY — The state Supreme Court has begun developing rules to carry out the just-approved law that could save some Nevadans from losing their homes to foreclosure.
The 58 homeowners who bought into Astoria Homes’ Hillside community in northwest Las Vegas watched their pool water turn green and their park grass turn brown when the development entered foreclosure.
The average listed home price was reduced 10.6 percent nationwide, with larger drops coming in areas hardest hit by foreclosures such as Detroit, Las Vegas and Miami, a San Francisco-based real estate search firm reported Friday.
A key element to recovery for the Las Vegas housing market is making sure that homes are sold to “healthy” buyers, the president of Nevada Association of Realtors said.
A couple of years ago, Bonnie and Clyde Petersen were pulling down $150,000 in interest payments yearly on $1 million invested with hard-money lender OneCap Mortgage. Today, the Petersens, retirees who are now divorced but remain friends, expect to lose their separate homes. They are among many local retirees who are struggling to cope with personal financial problems after Southern Nevada and the nation slipped into recession.
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About one in eight Nevadans is now behind on their residential mortgage, new data from the Mortgage Bankers Association show.
WASHINGTON — Buyers who were brave enough to dive into the market for a bargain-priced house helped provide a modest boost to sales last month.
